Motorists still being hit with huge motor insurance price hikes

Motorists are still being hit with huge insurance price hikes despite the Government’s proposed action plan to tackle the issue.

Not only are insurance providers failing to decrease motor insurance premiums but are also giving out worse policy terms on top of price jumps, according to Fianna Fail.

Some traders are even choosing not to take out business cover, Michael McGrath, the FF finance spokesman warned.

Fianna Fail has put forward a private members’ motion, that was debated in the Dail calling for greater urgency in implementing measures outlined in the Motor Insurance report.

Deputy McGrath of Fianna Fail said:

“Our feedback on the ground is that while there may be some stability in the overall level of increases, many motorists are still incurring substantial premium hikes.

“They are also finding substantial changes in the terms of their policies. What we would like to see is the work of the Government Action Group to be accelerated. Across the board, we have seen excessive and exorbitant increases in the cost of obtaining insurance.

“I have countless examples of pubs and restaurants facing significant premium increases of the order of €10,000 and €20,000 in some cases.

Some are unfortunately deciding not to renew their cover and that is not a smart thing to do.

“That is exposing their customers and themselves to very significant risk.”